Individual investors (and newsletter writers) have pulled in their horns.  (Bespoke, Marketwatch)

High quality stocks have lagged in 2009.  (Morningstar)

How has options expiration week played out during this bull phase?  (VIX and More)

“Basically, you can never argue with rolling stock into calls after a nice run.”  (Daily Options Report)

Learn first. Trade later.”  (Minyanville)

“As I’ve often said, perma-bears and never held to the same level of accountability as perma-bulls. If you want to get a reputation as a prophet, it’s easy — just be very bearish and very vague.”  (Crossing Wall Street)

The number one priority for stressed out traders is to stop trading and get themselves unstressed.”  (TraderFeed)

The bargains in muni bond land are gone.  (Barron’s also Money & Co.)

The endowment model contained a colossal intellectual error in thinking — that long-term investors don’t need short-term liquidity.”  (WSJ)

“Whether in war or in business, it is not wise to be too predictable; opponents will take advantage of you.”  (Aleph Blog)

How the “limits of arbitrage” make markets less efficient.  (Baseline Scenario)

“With all of the hubbub about leverage and inverse ETFs, and the premiums and discounts that have plagued UNG, where’s the outrage over active management and this dinosaur of a sales model?”   (IndexUniverse)

Natural gas prices keep falling, especially against oil.  (The Pragmatic Capitalist, The Reformed Broker)

The commodity ETF business continues to get pressured by the CFTC.  (FT Alphaville also ETF Expert)

How Cohen & Steer (CNS) has helped re-liquify the REIT sector.  (Forbes)

How is Eddie Lampert going to extricate himself from Sears Holdings (SHLD)?  (WSJ, Deal Journal)

The Dollar General IPO is going to be viewed as a bellwether for the private equity industry.  (WSJ, peHUB, BusinessWeek, 24/7 Wall St., Breakingviews)

“In spite of the huge boom in LBO profitability between 2004 and 2007, pension funds have little cash to show for the money they’ve put into private equity this decade.”  (Dealscape also naked capitalism)

“There’s no way in god’s green earth in our lifetime or children’s lifetime that AIG is going to pay back $185 billion.”  (Tech Ticker)

Banks are raking in deposits.  (WSJ, Felix Salmon, EconomPic Data)

Small banks are going bad faster then anyone expected.  (NYTimes, Clusterstock, WSJ)

Ben Bernanke’s speech (thankfully) summarized.  (Real Time Economics)

Signs of stabilization in the housing market do not imply an all-clear signal.  (Calculated Risk, Economist also EconomPic Data)

Stay tuned for a “jobless recovery.”  (Real Time Economics)

Bob Rubin doesn’t like being blamed for the mess that is Citigroup (C). (The Daily Beast, Dealbreaker, Felix Salmon, Dealscape)

High profile blogger(s) Zero Hedge are coming under media scrutiny.  (NYPost also Felix Salmon, Clusterstock)

Get the Grant’s Interest Rate Observer (Summer Break 2009 Issue) gratis.  (Grant’s via Big Picture)

Established movie stars bombed at the summer box office.  (NYTimes)

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